The fund's R6 Shares commenced operations on April 27, 2017. For the periods prior to the commencement of operations of the R6 Shares, the performance information shown is for the funds SS Shares adjusted to reflect the expenses of R6 Shares for each year for which the fund's R6 class expenses would have exceeded the actual expenses paid by the fund's SS Shares. The performance information has also been adjusted to reflect any applicable differences between the sales loads and charges imposed on the purchase and redemption of R6 Shares, as well as the removal of any voluntary waivers/reimbursements of fund expenses that may have occurred during the period prior to the commencement of operations of the R6 Shares.

The fund may invest in Federated Portfolios that are not available to the public and provide for more effective diversification than is available through the purchase of individual securities. Where applicable, the fund holdings reflect exposure to underlying securities held by the portfolios.

Current performance may be lower or higher than what is stated.

Bond prices are sensitive to changes in interest rates, and a rise in interest rates can cause a decline in their prices.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost.

High-yield, lower-rated securities generally entail greater market, credit/default and liquidity risks and may be more volatile than investment-grade securities.

* The ratings agencies that provided the ratings are Standard and Poor's, Moody's and Fitch. When ratings vary, the highest rating is used. Credit ratings of A or better are considered to be high credit quality; credit ratings of BBB are good credit quality, and the lowest category of investment grade; credit ratings BB and below are lower-rated securities ("junk bonds"); and credit ratings of CCC or below have high default risk. The credit quality breakdown does not give effect to the impact of any credit derivative investments made by the fund.

Index classifications are based upon, and individual portfolio securities are assigned to, the classification and sub-classification categories of the Bloomberg Barclays High Yield 2% Issuer Capped Index (BCHY2%ICI). Individual portfolio securities that are not included in the BCHY2%ICI are assigned to an index classification category at the discretion of the fund’s advisor.

Holdings are high yield debt securities.

The holdings percentages are based on net assets at the close of business on the date above, and may not necessarily reflect adjustments that are routinely made when presenting net assets for formal financial statement purposes. Because this is a managed portfolio, the investment mix will change.

Current and future portfolio holdings are subject to risk.

1 Portfolio holdings for money market funds are available on the 5th business day of the month. Portfolio holdings for equity and fixed-income funds are available the 30th of the month following calendar quarter end. If the 30th falls on a weekend or holiday, the portfolios will be available on the next business day.

Investors should carefully consider the fund's investment objectives, risks, charges and expenses before investing. To obtain a summary prospectus or prospectus containing this and other information, contact us or view the prospectus provided on this website. Please carefully read the summary prospectus or prospectus before investing.